Somerset Puteri Harbour investors frustrated with returns

With the two-year guaranteed rental returns having expired in February 2017, investors in the Iskandar Malaysia project say their returns

are now close to zero. Their plight highlights some of the real risks of investing overseas, even if it is just across the Causeway.

See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 19, 2018 | ISSUE 857-78

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

Conservation Shophouses

63 and 65 Club Streetup for sale EP6

Gains and LossesFifth Avenue Condo unit

makes $1.22 mil gain EP10

PersonalityThe ‘Wan way’ to

succeed in real estate EP14

Under the HammerMortgagee sale at

Refl ections at Keppel Bay for $4.3 mil EP16

Puteri Harbour, a waterfront residential enclave modelled after Sentosa Cove

THE EDGE SINGAPORE

EP2 • EDGEPROP | NOVEMBER 19, 2018

Waterloo Apartments sold en bloc for $131 mil Waterloo Apartments (right), located

within the Bras Basah and Bugis arts

precinct, has been sold en bloc for $131.1

million to Fragrance Victory, a wholly-

owned subsidiary of Singapore-listed

Fragrance Group.

Each of the 30 apartment owners

at 64 Waterloo Street will receive sales

proceeds of about $4.37 million once

the sale is approved by the Strata Ti-

tles Board.

Fragrance Group intends to rede-

velop the 999-year leasehold proper-

ty into a hotel. The 14,369 sq ft site is

zoned for hotel use, with a plot ratio

of 4.2 and a maximum gross floor area

(GFA) of 60,348 sq ft. It was previous-

ly zoned for “residential with first sto-

rey commercial” use under URA’s 2014

Master Plan.

“We opted to submit an [Outline

Planning Permission] and wait for the

approval [to build a hotel], given that

the residential en bloc market was reel-

ing from the blow of the July 6 [prop-

erty cooling] measures,” says Chris-

tina Sim, director of capital markets

at Cushman & Wakefield, which bro-

kered the sale.

There are no development charges

payable, owing to the high develop-

ment baseline for the site.

The collective sale of the proper-

ty was launched in September at a re-

serve price of $115 million. It was the

first collective sale site launched this

year that was given permission to be

redeveloped into a hotel.

The site has easy access to three

MRT stations: Bras Basah and Bencoo-

len are within a four-minute walk, and

Bugis is nine minutes away.

HDB launches more than7,000 flats for saleHDB has launched 7,214 flats for sale

in November. The government agency

announced on Nov 13 that there were

3,802 Build-To-Order (BTO) units offered

across five estates — Tengah, Yishun,

Sengkang and Sembawang, as well as

the mature township of Tampines. Un-

der the Sale of Balance Flats (SBF) ex-

ercise, there are 3,412 flats available

across various estates.

The BTO project in Tengah, called

Plantation Grove, marks the first HDB

estate in the new township. Located on

Bukit Batok Road, it is the first of five

such housing districts to be developed

in Tengah. It is situated near two up-

coming Jurong Region Line MRT sta-

tions. The new line will open in three

stages starting 2026.

HDB envisioned Tengah as a “Forest

Town”, to be designed with green, sus-

tainable and smart features. Plantation

Grove is located in the Plantation Dis-

trict. Autonomous vehicles will also be

piloted in the district, to provide last-

mile solutions to residents, HDB says.

One prominent feature of the Planta-

tion District is the Plantation Farmway,

which will feature spaces that foster

community gardening and farming.

In Sembawang, Sengkang and

Yishun, HDB will offer BTO flats at

shorter waiting times, about two to

three years from the point of applica-

tion. It can take up to four years in typ-

ical applications.

First-time families will be given

higher priority, with at least 95% of the

four-room and larger units set aside for

them. This is an increase from the cur-

rent quota of at least 85% in non-ma-

ture estates. These flats will come with

floor finishes, internal doors and san-

itary fittings to cut the time required

for renovation works, enabling home-

buyers to move in sooner.  

Of the 3,412 SBF flats, at least 95%

of the supply for three-room and larg-

er units are set aside for first-time fam-

ilies. Punggol has the largest number of

flats, at 494 units, followed by Toa Payoh

(491 units) and Tampines (388 units).

Overall, there are 1,564 units for sale

in non-mature estates, compared with

1,848 units for sale in mature estates.

Applications can be submitted on-

line on the HDB InfoWEB from Nov

13 to 19.  

In February 2019, HDB will offer

about 3,100 flats in Jurong West, Kallang

Whampoa and Sengkang.

Freehold commercial property in Rochor for saleGolden Wall Centre (below), a freehold

commercial property in Rochor, is up

for sale at a reserve price of $260 mil-

lion ($2,194 psf per plot ratio), accord-

ing to Edmund Tie & Co, marketing

agent for the site.

The corner property occupies a

land area of 24,239 sq ft on Short

Street. It also enjoys “high visibility”

from Rochor Canal Road and Albert

Street, ET&Co says. The property is

zoned for commercial use under Mas-

ter Plan 2014. URA has advised that

a hotel can be built on the land, at

a gross plot ratio of 4.88, the agency

highlights. The existing building has

a GFA of 118,488 sq ft.

Rochor MRT station is a two-min-

ute walk from the property, and Lasalle

College of the Arts, a five-minute walk.

The property is also near Little India;

Tekka Market can be reached by foot

in seven minutes and Little India MRT

station in eight minutes.

The tender for the site will close on

Nov 23 at 3pm.

Two shophouses onPagoda Street for sale Two three-storey conservation shop-

houses in Chinatown are up for sale

via an expression of interest (EOI) ex-

ercise. The guide price for 31 and 76

Pagoda Street (above, right) is around

$32.8 million, according to marketing

agent JLL. The properties can be sold

individually or collectively.

The freehold 31 Pagoda Street occu-

pies a land area of 1,310 sq ft and floor

area of 3,400 sq ft; the 99-year lease-

hold 76 Pagoda Street, which has an at-

tic, occupies 1,372 sq ft and 3,800 sq ft

respectively.

Both properties are approved for F&B

use. The ground floor of No 31 is leased

to Dim Sum Inc by Crystal Jade, while

No 76 is fully leased to Wah! Kung Fu.

Both properties are in the CBD:

No 76 is located right in front of the

entrance of Chinatown MRT station;

No 31 is about 200m from there.

Notable transactions along the street

include No 39, which was sold for $12.2

million ($3,700 psf) in May 2017, as well

as 205 & 207 New Bridge Road (at the

corner of Pagoda Street), which were

sold for $20.5 million ($3,535 psf) in

September 2016.

Foreigners are eligible to purchase

the properties, as they sit on land

zoned for commercial use. No addi-

tional buyer’s stamp duty or seller’s

stamp duty is imposed on the purchase

of the properties.

The EOI exercise will close on Dec 6.

Hmlet raises US$6.5 mil in Series-A funding  Singapore-based co-living group Hmlet

has raised US$6.5 million ($8.96 mil-

lion) in Series-A funding, led by ven-

ture capital firm Sequoia Capital (In-

dia). The funds will be used to scale

the business model throughout Asia

and expand services and experiences

for its members.

“The funding builds on a great year

for Hmlet and will enable us to con-

tinue to extend and grow our commu-

nity,” says Hmlet CEO and co-founder

Yoan Kamalski.

In July, Hmlet acquired Hong Kong-

based co-living competitor, we r urban,

adding more rooms and members to its

portfolio. Last year, the company closed

a US$1.5 million seed financing led by

Aurum Investments.

Property investment sales in 3Q2018 slide 30% y-o-y to $8 bil: Colliers Real estate investment sales in Singapore

fell 30% y-o-y to $8 billion in 3Q2018,

with residential sales down as inves-

tors flocked to the commercial sectors,

says Colliers International.

Residential investment sales slumped

57.9% q-o-q in 3Q2018 to $3.46 billion,

the lowest volume since 1Q2017. Col-

liers attributes the decline to the “mut-

ed” collective sales market, following

July’s property cooling measures.

For residential collective sales, value

plunged in 3Q2018 to $370 million ema-

nating from three deals, compared with

$3.9 billion from more than 16 trans-

actions in the previous quarter. Collec-

tive sales accounted for 11% of the total

residential investment sales in 3Q2018,

down from 47% in 2Q2018.

Meanwhile, government land sales

contributed to the bulk of total residen-

tial investment sales in 3Q2018, at 47%

of total sales, or $1.63 billion. Colliers

observes that bidding turnouts for res-

idential sites have “eased noticeably”

after the cooling measures, which re-

flects developers’ cautious approach

towards buying land.

In the commercial property sector,

which includes office and retail prop-

erty, investment sales hit $2.2 billion

in 3Q2018, rising 47.4% q-o-q. This

was driven by several big-ticket trans-

actions, says Colliers. Notably, insti-

tutional investors and real estate in-

vestment trusts were key players in all

major commercial deals in the period,

says Colliers.

“In the longer term, commercial

properties should continue to remain

attractive to investors, supported by

steady rental recovery in the leas-

ing office market in the next three

years and demand for steady income

yields in a safe haven,” says Tricia

Song, head of research at Colliers

International.

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowCONTRIBUTING EDITOR |Pek Tiong GeeWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL WRITER | Fiona Ho

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, COMMERCIAL OPERATIONS | Diana LimSENIOR ACCOUNT MANAGERS |Janice Zhu, James ChuaACCOUNT MANAGER |Pang Kai XinSALES STRATEGIST |Han YaoGuang

CIRCULATIONDIRECTOR | Dominic Kevin SimMANAGER | Bryan KekEXECUTIVES | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620

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E

C&W JLL

ET&CO

EN BLOC WATCH

EDGEPROP | NOVEMBER 19, 2018 • EP3

| BY BONG XIN YING |

While other collective

sale committees have

been revising their pric-

es downwards since

the property cooling

measures on July 6, Mandarin Gar-

dens’ CSC has raised its reserve price

from $2.478 billion to $2.788 billion.

The land cost is reduced from $1,236

psf per plot ratio to $1,191 psf ppr.

The increase in its asking price oc-

curred after the CSC and marketing

agent C&H Properties sent an enquiry

to URA about Mandarin Gardens’ de-

velopment baseline. Development

baseline is the value of the devel-

opment based on the approved use

and intensity of the site. 

According to Vincent Teo, CSC

chairman of Mandarin Gardens, the

1,006-unit project sits on a 99-year

leasehold site of 1.07 million sq ft

with a current plot ratio of 1.42. “We

were able to calculate that the de-

veloper that built Mandarin Gardens

34 years ago had paid for a plot ra-

tio of up to 2.5,” says Teo.

The higher plot ratio led to an in-

crease in development baseline, hence

a reduction in the differential premi-

um, which enabled the reserve price

to be increased about $310 million.

After confirmation of the baseline,

the differential premium payable is

estimated at $380 million, down from

the initial $1.28 billion. The lease

top-up premium for a fresh 99-year

lease is estimated at $412 million. So

far, 63% of the owners at Mandarin

Gardens have agreed to the collec-

tive sale. Another 17% is needed to

reach the 80% consensus required

to launch a collective sale.

If the collective sale is success-

ful, owners can expect to pocket be-

tween $1.78 million and $5.68 mil-

lion each, depending on the size of

their units.

Teo reckons developers will be able

to launch a new development on the

site at a selling price of $2,200 psf.

While a launch price of $2,200 psf

may seem possible, the sheer size and

total cost of Mandarin Gardens itself

is a challenge, says Nicholas Mak,

executive director of ZACD Group.

Beyond the reserve price of the

land, the developer has to pay the

lease top-up and differential premi-

um, which total $3.58 billion. The

developer has to pay a 5% non-re-

mittable additional buyer’s stamp

duty (ABSD), which means an ad-

ditional $139.4 million. And this is

before factoring in construction cost,

Mak points out.

Mandarin Gardens is located

in the Marine Parade area, which

means the developer will be subject

to the new URA guidelines of units

having an average size of 100 sq m,

says Mak.

At Mandarin Gardens, the develop-

er will be able to build 2,790 new

units. “Whether the development is

200 units or 2,790 units, the develop-

er is given the same five-year ABSD

remission period to sell off all the

units,” says Mak. “For developers,

this is another risk.” The ABSD for

developers has been raised to 25%,

from 15%. The reserve price for Mandarin Gardens was raised to $2.788 billion, from $2.478 billion before

THE EDGE SINGAPORE

Mandarin Gardens raises reserve price to $2.788 bil

Keppel Land, the property arm of Keppel

Corp, and Habitap, developer of smart

living systems, unveiled Singapore’s first

smart-home management system powered by

artificial intelligence (AI) on Nov 13. It will

be deployed at Keppel Land’s upcoming resi-

dential development at Nassim Hill as well as

other projects.

The smart-home management system in-

tegrates three core functions of smart-home

controls, community management and life-

style services on a single platform. It was in-

troduced in 2016 at Keppel Land’s residential

development, Corals at Keppel Bay, and has

now been enhanced to incorporate AI with

machine-learning capabilities. The previous

system was also rolled out at other Keppel

Land developments: Highline Residences,

The Glades and The Garden Resi-

dences. Apart from its collaboration

with Keppel Land, Habitap is also

involved in residential projects such

as The Clement Canopy, The Tre Ver,

Amber 45 and Park Place Residence.

The system is utilised in a total of 12

residential projects.

The system, Habitap Handy, al-

lows users to interact with and easily

control devices within their homes,

access services such as facilities book-

ing and the visitor management sys-

tem, and enjoy lifestyle services. All

this is done through text and voice

messaging on mobile messaging ap-

plications WhatsApp and WeChat.

With AI enhancement, the new app will pro-

gressively anticipate users’ preferences and usage

patterns, and automate features and settings.

Residents will be able to interact with and

control connected devices within their homes

— such as door locks, lighting and air-condi-

tioning systems — via the customised, inte-

grated platform.

Smart smoke detectors can also send alerts

to residents’ mobile phones or the condo secu-

rity guards in the event of an emergency. The

app will also allow residents to make depos-

it payments or be notified when their packag-

es arrive in their locker, which has a unique

code for unlocking.

“These are features that homeowners

would welcome, especially the younger and

Keppel Land and Habitap launch AI-powered smart-home system

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

sophisticated ones,” says Ng Ooi Hooi, pres-

ident of Keppel Land (Singapore). “To us, it

is necessary because, going forward, people

expect more [of such] features to help them

manage their lifestyle.”

Franklin Tang, CEO and founder of Hab-

itap, says: “We constantly seek to innovate

and improve Habitap.” For example, the firm

is incorporating technologies such as facial

recognition with AI to go beyond just facil-

itating entry to buildings, to integrating se-

curity, safety and people-locating features.

E

E

Ng (left) and Tang at the launch of Habitap Handy

SPOTLIGHT

EP4 • EDGEPROP | NOVEMBER 19, 2018

EDGEPROP | NOVEMBER 19, 2018 • EP5

CONSERVATION SHOPHOUSES

EP6 • EDGEPROP | NOVEMBER 19, 2018

purchase 65 Club Street for JTResi, Tan and fel-

low executive director and co-founder of JTResi,

Jason Tan, knocked on the door of the neigh-

bouring unit at 63 Club Street. At the time, it

was owned and occupied by architectural firm

Raymond Woo & Associates. Woo agreed to

sell the shophouse for $3.1 million, but it came

with a leaseback agreement, as he wanted to

continue occupying the space for a few years.

For more than a decade now, JTResi has also

managed the unit at 63 Club Street on the cli-

ent’s behalf. Now that Tan is putting his prop-

erty up for sale, his client — the owner of the

property at 63 Club Street — has decided to fol-

low suit. Thus, JT Resi is now the marketing

agent for both 63 and 65 Club Street, which are

available for sale either separately or together.

The land area of 65 Club Street is 2,083 sq ft,

with a 999-year lease tenure. The three-storey

shophouse has a built-up area of 5,640 sq ft.

Meanwhile, the neighbouring unit sits on a

slightly smaller land area of 1,938 sq ft, with

a built-up area of about 4,900 sq ft.

While 65 Club Street has been owner-occu-

pied by JTResi these past 12 years, the neigh-

bouring unit has always been tenanted. After

Raymond Woo & Associates moved out, life-

style store Vanilla Home moved in to occupy

the 1,600 sq ft first level three years ago. There

are two other tenants on the upper floors. The

gross monthly rental rate for the three tenants

is said to be $24,965.

Quiet end of Club Street65 Club Street is located in a cul-de-sac. As

such, it is quiet, unlike the main Club Street,

which is teeming with bars and restaurants.

Across the road from JTResi is 76 Club

Street, a millionaires’ club today. It was the

first club in the Ann Siang Hill precinct, and

it gave Club Street its name. It was originally

known as Chwee Lan Tong Club, established

by Tan Quee Lan, a prominent merchant and

landowner. Its name was changed to the Chi-

nese Weekly Entertainment Club in 1891.

Originally located on Ann Siang Hill, the club

purchased its own premises at the current lo-

cation at the end of Club Street, to which it

moved in in June 1898, according to the book

by Kelvin Tan.

63 and 65 Club Street up for sale| BY CECILIA CHOW |

For the past six months, Jerry Tan, found-

er and managing director of JTResi bou-

tique agency, which markets luxury res-

idential property, had been mulling over

selling his shophouse at 65 Club Street. It

was not an easy decision to make, and the tim-

ing has not seemed right until now. “It’s about

pride of ownership,” says Tan. “We didn’t even

want to rent out our shophouse to anyone.”

Tan had purchased the shophouse at 65

Club Street in May 2006 for $2.8 million. At the

launch of Kelvin Tan’s book, On a Little Hill in

China town: Singapore’s Ann Siang Hill, hosted

by JTResi on Oct 18, he related the anecdote of

his purchase: “I had returned from a business

trip in Jakarta, and Eckardt Caius [co-founder

and executive director of JTResi] had placed

a newspaper ad with a picture of a beautiful

shophouse on my table. The minute I saw it, I

said we had to see it that afternoon. But I said

I wouldn’t want to spend more than $1 mil-

lion. Caius said, ‘Don’t bother. It’s $3 million.’”

Still, Tan arranged to view the shophouse

on Club Street that afternoon. “I stood here,

and it was dark and dingy then,” he recounts.

“The shophouse had seven tenants — regional

lawyers on the first level who were using it as

a home office, as they lived there too; a brid-

al studio on the second level; and other small

offices. But it spoke to me, and we bought the

shophouse in 10 minutes.”

JTResi’s Tan spent another $1.2 million re-

furbishing it before moving in in August 2006.

The shophouse was always intended to be

more than just an office: It was a sales gallery

and a place to entertain clients and friends as

well. “We deal with high-end real estate, and

we wanted a place where we could come and

enjoy art, music, food and drinks,” he says.

“This office was designed on the basis of al-

ways entertaining. Of course, there is an office

area where serious work is going on.”

Club dealShortly after deciding on purchasing the shop-

house at 65 Club Street, Tan was having drinks

with one of his clients and he told her about

his purchase. This was before he had exercised

the option to purchase.

The client immediately insisted that Tan show

her the shophouse that very evening. “That

evening, we were standing out there on the street,

and she was walking up and down in her sti-

lettos, and studying the area,” says Tan. “Then

she rummaged through her handbag, took out

her cheque book, wrote out and handed me a

cheque for $500,000.” Her intention was to get

Tan to assign the option for 65 Club Street to her.

When he refused, she told him to hold on to the

cheque, as she wanted him to acquire the neigh-

bouring shophouse on her behalf.

Thus, shortly after exercising the option to

E

64 Club Street was sold in August for $21.8 million, or $3,880 psf, based on an estimated built-up area of 5,618 sq ft

21 Boon Tat Street was sold for $16.5 million, or a record $4,259 psf. The first level is occupied by Michelin-star restaurant Cheek by Jowl.

PICTURES: JLL

63 and 65 Club Street are on the market for sale by private treaty

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Adjacent to the Chinese Weekly Entertain-

ment Club is the Goh Loo Club, founded more

than a century ago by Lim Boon Keng, a writ-

er and businessman after whom a road and an

MRT station are named, as well as businessman

and philanthropist Lee Kong Chian, who is be-

hind the Lee Foundation, Lee Rubber, OCBC

Bank and Great Eastern Life Insurance as well

as Sime Darby. Adjacent to the Goh Loo Club

is the Tham Si Thung She (Tham Association)

at 68 Club Street. The National Union of Gold

and Silver Workers is located at 60 Club Street;

the Singapore Sugar Traders Association is at 59

Club Street; and the Singapore General Rice Im-

porters Association at 59B Club Street. Many of

the other clan associations, clubs and guilds es-

tablished in the 1920s and 1930s on Ann Siang

Hill and Club Street no longer exist. Many of

these shophouses have either changed hands or

been converted into boutique hotels and offices,

with retail and F&B on the first level.

JTResi’s Tan believes the shophouses at 63

and 65 Club Street are ideal for family offices.

He points to the shophouse across the road at

64 Club Street, which was sold in August for

$21.8 million, or $3,880 psf, based on an es-

timated built-up area of 5,618 sq ft. The buy-

er is said to be the family office of the Chan

family of Hong Kong’s Wincome Group. The

deal was brokered by Clemence Lee, JLL as-

sociate director of capital markets.

Pick-up in CBD shophouse transactionsIn September, a shophouse at 21 Boon Tat Street

was sold for $16.5 million, according to a caveat

lodged. The shophouse boasts Michelin-star res-

taurant Cheek by Jowl as a tenant. The property

has a 999-year lease and built-up area of 3,874

sq ft, and sits on a land area of 1,759 sq ft. The

price translates into $4,259 psf, a record for a

shophouse. The sale was brokered by JLL’s Lee.

There was a pickup in the number of shop-

house transactions in the CBD in October. In

the Telok Ayer Conservation Area, 10 Stanley

Street was sold for $12.5 million to 8M Real

Estate, a private property investment and as-

set management group founded by its man-

aging director Ashish Manchharam. The deal

was brokered by Krystal Khor of Mondania, a

specialist in marketing conservation property.

Meanwhile, 22 Ann Siang Road fetched $15

million, according to a caveat lodged in early Oc-

tober. The price translates into $3,488 psf, based

on a built-up area of 4,300 sq ft. The 999-year

leasehold property sits on a land area of 1,561 sq

ft. The deal was said to be brokered by Loyalle

Chin, associate group director of PropNex Realty.

Two adjacent shophouses at 40 and 41 Dux-

ton Hill were sold last month for $24.8 million.

The shophouses have a combined land area

of 2,539 sq ft and a built-up area of 8,900 sq

ft spanning four levels and an attic. Despite

their 99-year lease, they achieved a transact-

ed price of $2,787 psf. The buyer of the pair

of shophouses is reportedly Alan Choe, HDB’s

first architect-planner and founder of URA.

A stretch of four shophouses at 39 to 42 Dux-

ton Road have also been put on the market for

sale by their owners. They have a combined

floor area of 8,100 sq ft and a 99-year lease.

The four shophouses are located across from

Six Senses Duxton, a boutique hotel owned by

property developer and hotelier Satinder Gar-

cha of Garcha Hotels.

The asking price of the four shophouses

at 39 to 42 Duxton Road is said to be in the

$2,700-to-$2,800 psf range. They are market-

ed by Mondania.

Given the string of transactions at lofty prices

in recent months, JTResi’s Tan believes it is an

ideal time to roll out 63 and 65 Club Street, which

are being offered for sale by private treaty.

EDGEPROP | NOVEMBER 19, 2018 • EP7

BROUGHT TO YOU BY SINGAPORE LAND LTD

THE CORE CENTRAL REGION (CCR)

accounted for less than 1% of total units launched

in the non-landed residential market in 3Q2018.

The dearth of new supply caused buyers to seek

opportunities in the secondary market, which

accounted for 91% of non-landed transactions

during the quarter, according to JLL research.

As a result, the CCR price index rose 1.3%

in 3Q2018. “It reflects the strong demand for

choice private residential properties in prime lo-

cations as buyers become more discerning, with

the cooling measures in place,” says Tan Tee

Khoon, executive director and head of residen-

tial project marketing at Knight Frank Singapore.

PRIME ADDRESSThe strong demand bodes well for luxury condo

projects such as Singapore Land’s (SingLand)

Mon Jervois, a 109-unit boutique development

in prime District 10. It is tucked in an exclusive

residential enclave of low-rise condominiums in

the Good Class Bungalow neighbourhood of

Jervois, Bishopsgate and Chatsworth. Orchard

Road, the CBD, Botanic Gardens as well as

Dempsey Cluster are just an eight-minute drive

away.

Lifestyle hubs such as Tiong Bahru, Robert-

son Quay, Holland Village and Dempsey Hill are

within easy access. Reputable schools in the

area include River Valley Primary School, Alex-

andra Primary School, Gan Eng Seng Primary

School and Crescent Girls’ School. The project

has a view of Alexandra Canal Linear Park, which

is linked to Tiong Bahru Park, Henderson Park,

Mount Faber and Hort Park.

Designed by Singapore’s award-winning ar-

chitectural firm, Ong & Ong, the development

comprises five low-rise blocks sitting on a size-

able land area of 96,424 sq ft in the exclusive

Jervois residential neighbourhood. Mon Jervois

features manicured landscaped gardens includ-

ing a Secret Garden, Meditation Deck, Golfer’s

Green, fitness gym fronting the lap pool, party

pavilions and other facilities.

LIMITED-EDITION PENTHOUSES The project is substantially sold. Limited-edi-

tion penthouses designed by famous designers

such as Peter Tay Studio and ip:li Architects

are now available for preview. The penthouses

range from 1,475 sq ft, three-bedroom duplexes

to luxuriously spaced 3,003 sq ft, four-bedroom

duplexes with private lift and family room.

With net prices hovering between $1,800 and

$2,000 psf, the limited-edition penthouses come

with luxury finishes such as marble flooring and full

marble bathrooms, top-end Miele kitchen appli-

ances, Hansgrohe bathroom fittings, Laufen sani-

taryware and high-end wardrobe systems. Locat-

ed at the top floor of the five-storey development,

the duplex penthouses enjoy vantage view of the

surrounding low-rise neighbourhood and beyond.

Within Mon Jervois is also a block of 12 two-

bedroom-plus-study-loft units. Owing to popu-

lar demand, only four are still available for sale.

They measure 1,539 to 1,668 sq ft, with ceiling

height of up to 6.7m.

ATTRACTIVE BUY“Market statistics in the broad market may

point to absolute prices being the key driver

for sales today,” says Desmond Sim, CBRE

head of research for Singapore and Southeast

Asia. “Nevertheless, there’s still demand for

large units, especially those of perceived value

and projects located in favourable locations.”

At prices upwards of $1,800 psf with a prime

District 10 address in a quiet GCB area, Mon Jer-

vois is an attractive buy, especially when land pric-

es in prime Districts 9 and 10 have already sur-

passed that level, adds Sim. “The penthouses at

Mon Jervois will appeal to high net worth individu-

als, who equate size with luxury in a prime district.”

The fact that the property is already completed

is also a bonus. “What you see is what you get,”

says Sim. “You can see the views you’re getting

and the quality of the unit you will be moving into.”

Some of the en bloc beneficiaries in projects

elsewhere in the prime districts recently received

their sale proceeds. They include owners of Crys-

tal Tower in Bukit Timah and Olina Lodge on Hol-

land Hill. These en bloc millionaires will be on

the lookout for replacement homes, says Bruce

Lye, managing partner of marketing agency SRI.

“The fact that Mon Jervois is brand-new, and

the penthouses as well as loft units come with

high ceiling, will appeal to them,” says Lye. “They

present attractive replacement homes and an

upgrade from the older properties for these en

bloc beneficiaries, especially those who intend

to move into a new home immediately.”

For buyers looking for value in the prime

districts or want to upgrade to a new property,

there is no better opportunity on the market to-

day than Mon Jervois.

Mon Jervois combines luxuryof space with value opportunity

For enquries: 8811 7690Web: www.mon-jervois.com.sg

Luxurious penthouse at Mon Jervois designed by celebrity designer Peter Tay

View of the living and dining area from the second level of a loft unit Unobstructed view of the Jervois GCB area from one of the penthouses

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The 109-unit Mon Jervois is designed by Ong & Ong Architects

COVER STORY

EP8 • EDGEPROP | NOVEMBER 19, 2018

Somerset Puteri Harbour investors frustrated with returns

| BY CECILIA CHOW |

Singaporean Victor Ng remembers the

first time he cast his eyes on a poten-

tial investment in Iskandar Malaysia: It

was Somerset Puteri Harbour in Iskan-

dar Puteri (formerly known as Nusajaya)

at a weekend preview in early February 2012.

It was not an impulse purchase, he says. Be-

fore the purchase, he had visited the site and

other projects launched in the area.

“I felt that Puteri Harbour was an up-and-

coming area,” Ng tells EdgeProp Singapore in

a recent interview.

About 120 out of 132 units offered for

sale under a sale-and-leaseback scheme were

snapped up at roadshows in Singapore and

Kuala Lumpur over a fortnight, according to

a report by The Edge Financial Daily in Feb

24, 2012. The rest were purchased after that.

A majority of the buyers (about 80%) were

said to be Singaporeans.

Somerset Puteri Harbour is a 204-unit ser-

viced apartment project located on the wa-

terfront at Puteri Harbour in Iskandar Malay-

sia. Units ranged from studios, and one- to

three-bedroom apartments measuring 762 to

1,496 sq ft, to penthouses from 3,650 sq ft.

Prices of units sold ranged from RM720,000

to RM4.5 million, or an average of RM900 psf.

Upon completion, these apartments would

be managed by The Ascott — the serviced

residence arm of Singapore-listed CapitaLand

— for the first 10 years. Under the leaseback

agreement, investors were offered a guaran-

teed rental return (GRR) of 5% for the first

two years after completion.

Ng paid RM982,669 for a 1,178 sq ft, two-bed-

room serviced apartment at Somerset Puteri

Harbour, which he purchased off-plan. Another

investor who purchased a unit at launch was

Singaporean Peter Lim. “I was attracted by

the Somerset brand and the reputation of the

developer, UMLand [United Malayan Land],

he adds. “I also liked the harbourfront locale,

which is very niche, and very scarce.”

Ascott has a third-party management con-

tract with UMLand to manage the operations

of Somerset Puteri Harbour. “For third-party

management contracts, our scope is confined

to managing the operations of the properties

on behalf of the property developers,” says

an Ascott spokesperson in an email response.

Other than the 132 units offered for sale and

leaseback, another 72 units facing the marina

at Somerset Puteri Harbour were sold as con-

dominium units without a leaseback agree-

ment. The project was marketed by Nusajaya

Consolidated, a 50:50 joint venture between

UMLand and UEM Sunrise. Clear Dynamic is a

subsidiary of Nusajaya Consolidated, and was

set up for the purpose of the leaseback admin-

istration. Many of the buyers of Somerset Put-

eri Harbour purchased their units from mar-

keting agent Norman Sia of NS Global, which

has since closed its Singapore office.

Back then, many of the investors of Som-

erset Puteri Harbour went to NS Global’s of-

fice in Singapore to sign the sale-and-purchase

agreement. It was only when they did so that

they were given the leaseback agreement to

sign as well. “There were three big chunks of

documents,” says Ng. “Obviously, we didn’t

have time to run through the entire three sets

of documentation there and then. It caught us

by surprise and we didn’t want to risk losing

our option money.”

Puteri Harbour full of promise thenIn hindsight, 2012/13 was the peak of the prop-

erty market in Iskandar Malaysia. Puteri Har-

bour was perceived to hold the most prom-

ise: Positioned as an integrated waterfront

and marina development by master developer

UEM Sunrise, it spans 688 acres (275ha) in

the 24,000 Nusajaya precinct, which has since

been renamed Iskandar Puteri.

Puteri Harbour appealed to many Singa-

porean investors and developers then, as it

was a waterfront residential enclave that has

many of the attributes of Sentosa Cove, but at

a fraction of the land and property prices. The

properties there are freehold, unlike those in

Sentosa Cove, which are 99-year leasehold.

The location of Somerset Puteri Harbour is

ideal, as it is just a stone’s throw away from

Legoland and an indoor themepark featuring

popular children’s cartoon characters such as

Hello Kitty, Thomas and Friends, Barney and

Bob the Builder. It is within a 20-minute drive

of the Second Link and a 25-minute drive of

Johor’s Senai International Airport.

“Puteri Harbour was meant to be an area

of intense development and strong growth,”

says Dennis Ng, group managing director of

UMLand. “We believe the Puteri Harbour area

will continue to improve as more residents

move in. With the availability of Grade-A of-

fice space and other facilities in Medini, which

is just a 10-minute drive away, more business-

es will also move there.”

Banking on RTS LinkFrom 2011 to 2013, there was a lot of excite-

ment about greater connectivity between Sin-

gapore and Malaysia. For instance, the Singa-

pore-Johor Baru Rapid Transit System (RTS

Link) was announced in 2010 and, in January

this year, Singapore Prime Minister Lee Hsien

Loong witnessed the signing of a legally bind-

ing bilateral agreement for the RTS Link, to-

gether with then Malaysian Prime Minister

Najib Razak at the Istana.

The Singapore terminus for the RTS Link

is to be located at Woodlands North station

on the Thomson-East Coast Line, while the

Johor Baru terminus will be at Bukit Chagar

near JB Sentral, connecting with the Keretapi

Tanah Melayu (KTM) station. The RTS Link

is expected to ease congestion at the Cause-

way by 15%.

“To me, the biggest change is the RTS Link,

which will reduce congestion in the two exist-

ing areas — the Causeway and Second Link,”

says UMLand’s Ng. “The dream of living in

Iskandar and working in Singapore is viable

again. There are a lot of residents who moved

in because of the schools, but you still need

businesses and supporting facilities to come

in before more people move in.”

In 2013, the buzz was the high-speed rail

(HSR) between Singapore and Kuala Lum-

pur, which would offer a 90-minute travelling

time. The designated Singapore terminus for

the HSR was in Jurong East. Another propos-

al to ease traffic congestion was a ferry ser-

With the two-year guaranteed rental returns having expired in February 2017, investors in the Iskandar Malaysia project say their

returns are now close to zero. Their plight highlights some of the real risks of investing overseas, even if it is just across the Causeway.

Ng: There were three big chunks of documents. Obviously, we didn’t have time to run through the entire three sets of documentation there and then. It caught us by surprise and we didn’t want to risk losing our option money.

ALBERT CHUA/THE EDGE SINGAPORE

PICTURES: ALPHA MARKETING

COVER STORY

EDGEPROP | NOVEMBER 19, 2018 • EP9

vice from Singapore’s HarbourFront Centre to

Puteri Harbour, where there are already cus-

toms checkpoints in place. However, the HSR

has since been deferred and the ferry service,

a moot point.

Ups and downsSomerset Puteri Harbour rode the ups and

downs in Iskandar Malaysia. The project was

completed in November 2014, more than a

year after the scheduled completion in 2013.

The GRR commenced in March 2015. Typical-

ly, hotels take two to three years for their ope-

rations to stabilise. The GRR was designed “to

help smooth out the cash flow during the in-

itial years”, adds UMLand’s Ng.

During the two-year GRR period, the 5% re-

turns were promptly paid. For a typical unit, it

was RM7,552 bimonthly, or RM3,776 a month.

The last payment of RM7,552 was received in

January 2017 for December and January.

When the GRR period ended in February

2017, the investors did not hear from Clear Dy-

namic or UM Land. “For the first six months

after the GRR, they just stopped paying us, but

they didn’t tell us why,” says Simon Poh, one

of the investors who spoke to EdgeProp Sin-

gapore. “They just didn’t communicate with

us. We were left in the cold as to what was

happening until a few of us contacted them

and arranged for a meeting to find out what

was going on.”

Poh and a business partner had made a

joint purchase of a one-bedroom unit at Som-

erset Puteri Harbour for about RM906,000. “It’s

been one year and nine months since the end

of the GRR period,” he says.

A summary of bimonthly net rent paid to an

owner over the 18-month period from March/

April 2017 to July/August 2018 came to a total

of RM8,472.87 received. Based on the purchase

price of the unit of RM982,669, the annualised

return over one year is 0.57%.

On months when the rents are negative,

the losses accrued are deferred to the future

when profits are made.

Investors lead the chargeInvestors of Somerset Puteri Harbour who pur-

chased units under the leaseback scheme decid-

ed to call for a meeting with representatives of

UMLand, Clear Dynamic and Ascott to discuss

how the returns post-GRR could be improved.

The first meeting was held on July 19, 2017.

A second meeting was held on Oct 24, 2017.

In late December 2017, the owners set up

the Leaseback Owners Committee (LOC) to li-

aise with representatives of UMLand and Clear

Dynamic. Since February this year, a bimonth-

ly meeting has been held at Somerset Put-

eri Harbour with representatives of UMLand

and Clear Dynamic, along with an Ascott rep-

resentative.

“I requested for that,” says one Mr Chan,

an investor in Somerset Puteri Harbour. “For-

tunately, the managing director of UMLand,

Daniel Chan, is a forthcoming and reason-

able man. At these bimonthly meetings, at

least there is communication. There is usual-

ly a group of four or five of us who actively

participate in these meetings.”

According to an email dated Oct 29 from Clear

Dynamic to investors, Somerset Puteri Harbour

had “gone through a bad time” in 1Q2018 and

2Q2018. As gross operating profits were low, not

all the owners’ expenses could be covered, re-

sulting in “no distribution” to investors.

Cumulative losses after taking into con-

sideration owners’ expenses amounted to

RM603,367.92. The losses would then be de-

ducted progressively — at RM100,000 a month

from October 2018 to June 2019, where the fi-

nal deduction of RM103,367.92 would be made.

Eco-system still being fleshed out“We are trying our best, and we have gone to

the extent of subsidising the returns for now to

make it easier for the investors,” says UMLand’s

Ng. “Even the operating expense is advanced

by us, and we won’t claim it back until times

are better. We know the property could be per-

forming better if external factors improve. Puteri

Harbour is a beautifully master planned area

that is still in the process of being fleshed out.”

For instance, a Khazanah-linked company

owns three blocks of retail, shopping arcade

and F&B space at Somerset Puteri Harbour. It

has remained hoarded up. “We have been try-

ing for years to get them to open,” says Ng.

Nearby, Pan Pacific Serviced Suites at the

Puteri Cove mixed-use development is sched-

uled to open in 2Q2019. It will have 205 studi-

os and one- and two-bedroom serviced suites

in the third tower of Puteri Cove, developed

jointly by Pacific Star Development and DB2.

The Puteri Cove project also comprises two

other 32-storey residential towers with a total

of 658 units; four low-rise SOHO blocks; and a

lifestyle retail centre fronting the marina. The

two residential towers have already obtained

Certificate of Completion and Compliance, and

is about 80% sold.

The retail centre at Puteri Cove is expect-

ed to open in 2Q2019, with the Pasar gourmet

market as an anchor tenant. The One°15 ma-

rina operator at Sentosa Cove, SUTL Group,

will be opening its sales gallery for its mari-

na operations in Puteri Harbour: the private

marina in Puteri Cove and a third marina for

super yachts.

Some projects in Puteri Harbour have been

delayed, says Edmund Tie & Co (ET&Co) CEO

Ong Choon Fah. “The postponement of the

HSR project has indirectly affected some of

the projects located near the proposed station

in Iskandar Puteri. For now, the lack of clear-

er policies from the new government has left

uncertainties in mega developments such as

Forest City. However, properties that are lo-

cated in mature areas or near public transport

still offer good investment in the long term.”

Ong adds that Puteri Harbour has a great

waterfront lifestyle offering for residents, com-

plete with hotels and indoor theme parks. It is

also an ideal place for families with children.

“However, more needs to be done — public

spaces to encourage place-making — to gener-

ate higher visitor traffic and more business for

the precinct. Similar to the Business Improve-

ment District in Singapore, a special body can

be set up where owners, developers and oth-

er stakeholders work together to increase the

vibrancy in Puteri Harbour.”

Competitive hospitality environmentFrom 2015 to 2017, the number of hotel rooms

in Johor Baru grew 15% to 12,300. Most of

the existing hotel supply is in the mid-scale

segment with 66% share, says HVS in a re-

port on July 3.

Based on data published by Tourism Malay-

sia, hotels in Johor had an average occupan-

cy rate of 57% from January to March. Mean-

while, the occupancy rate for five-star hotels

was 40% from April to June; 45% for four-

star hotels; and 68% for three-star hotels, ac-

cording to ET&Co.

“Some hotels do enjoy high occupancy rates

during weekends, as Singaporeans always fan-

cy a weekend getaway across the Causeway,”

says Ong. “The occupancy rate is also contrib-

uted by locals who visit family or friends in

Singapore but prefer to stay at hotels in Johor

because of the cheaper room rates.”

For example, Amari Johor Bahru and Sua-

sana Suites Johor Bahru enjoy good occupancy

rates because they are easily accessible via pub-

lic transport and surrounded by shopping malls

and F&B outlets, observes Ong.

Nevertheless, with the increasing compe-

tition from Airbnb catering to large groups of

family or friends, it could affect both hotel

room and occupancy rates, concedes Ong. For

a group of six that would like to stay in Johor

Baru city centre over the weekend, Airbnb of-

fers a list of apartments or condominiums in

the range of RM200 to RM500 a night, while

CONTINUES ON PAGE 15 The marina at Puteri Harbour

Ng viewing his Puteri Harbour investment

Somerset Puteri Harbour has 204 serviced apartmentsVICTOR NG

VICTOR NG

GAINS AND LOSSES

EP10 • EDGEPROP | NOVEMBER 19, 2018

| BY CHARLENE CHIN |

The seller of a unit at Fifth Avenue

Condominium, off Bukit Timah Road

in District 10, made the top gain of

$1.22 million over the week of Oct 30

to Nov 6. The 1,615 sq ft, three-bed-

room unit on the third floor was bought for

$2.02 million ($1,247 psf) in April 1996, and

sold for $3.23 million ($2,000 psf) on Oct 30,

2018. The seller reaped a 60% profit, or an

annualised profit of 2% over 22.5 years.

The highest profit of all time reaped

from resales at Fifth Avenue Condomini-

um was for a similar-sized, three-bedroom

unit on the first floor. The seller raked in

a 110% profit of $1.36 million, after sell-

ing the unit at $2.6 million ($1,610 psf) in

March 2017. As the property was bought

in April 1999 for $1.24 million ($765 psf),

this translates into an annualised profit of

4% over 18 years.

Fifth Avenue Condominium is a freehold

development comprising 70 units. It is four

minutes away by foot from Sixth Avenue

MRT station, along the Downtown line.

The second top gain made over the week

in review — an 86% profit of $1.1 million

— was at The Morningside, off River Valley

Road in District 9. The 1,270 sq ft, three-bed-

room unit on the 15th floor was purchased

for $1.28 million ($1,008 psf) in February

1996, and sold for $2.38 million ($1,874 psf)

on Nov 2, 2018. This means the seller made

an annualised profit of 3% over 22.8 years.

This transaction marks the second time

the unit has changed hands, according to

caveats lodged with URA. The previous

owner reaped a 2% profit of $30,000, or

an annualised profit of 4% over 0.7 year.

The unit was bought for $1.25 million ($984

psf) in June 1995.

Notably, the highest profit made for

resales at The Morningside was for a

2,411 sq ft, four-bedroom unit on the 25th

floor. The seller raked in a 135% profit

of $2.07 million, after selling the unit at

$3.6 million ($1,493 psf) in May 2007.

As the property was purchased in Feb-

ruary 1999 for $1.53 million ($635 psf),

this translates into an annualised profit

of 11% over 8.2 years.

The Morningside, completed in 1992, is

a 10-minute walk from the upcoming Great

World MRT station on the Thomson-East

Coast line, slated for completion in 2021. The

79-unit condo is 16 minutes by foot to Zion

Riverside Food Centre.

A unit sold at Kellett Court, off Dunearn

Road in District 11, made the third most

profitable transaction during the week in

review, raking in a 137% profit of $1.08

million for the seller. The unit was bought

for $790,000 ($597 psf) in September 2004,

and sold for $1.87 million ($1,412 psf) on

Nov 2. The seller therefore made an annu-

alised profit of 6% over 14.1 years.

Kellett Court, comprising 43 units, is

a 12-minute walk from Tan Kah Kee MRT

station. Completed in 1997, the develop-

ment is seven minutes by foot from Adam

Road Food Centre.

On the other hand, the greatest loss in-

curred during the week in review was from

the resale of a 937 sq ft unit at Suites @

Topaz, on Topaz Road in District 12. Hav-

ing sold the property for $850,000 (908

psf) on Nov 2, the seller sustained a 21%

loss of $226,938. The unit was purchased

in August 2010 for $1.08 million ($1,150

psf). Over a holding period of 8.2 years,

this translates into an annualised loss of

3%. The freehold condo is a 10-minute

walk from Potong Pasir MRT station.

Fifth Avenue Condo unit rakes in $1.22 mil gain

Top 10 gains and losses from Oct 30 to Nov 6

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at Nov 13 for private non-landed houses transacted between Oct 30 and Nov 6. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Suites @ Topaz 12 937 Nov 2 908 Aug 30, 2010 1,150 226,938 21 3 8.2

2 Th e Clift 1 818 Nov 1 1,882 Nov 4, 2011 2,150 218,700 12 2 7.0

3 Th e Ladyhill 10 3,283 Oct 31 1,919 March 19, 2007 1,980 200,000 3 0.3 11.6

4 Caribbean At Keppel Bay 4 1,636 Nov 1 1,533 Dec 14, 2011 1,650 192,000 7 1 6.9

5 NA 14 2,142 Nov 1 794 Nov 19, 2012 854 130,000 7 1 6.0

6 Leedon Residence 10 1,044 Nov 5 2,442 Aug 6, 2013 2,533 94,317 4 1 5.3

7 Th e Verve 12 441 Nov 2 1,416 April 17, 2012 1,541 55,000 8 1 6.5

8 Orchid Park Condominium 27 872 Oct 30 814 May 3, 2018 872 50,000 7 13 0.5

9 Regentville 19 980 Oct 31 776 June 27, 2012 817 40,000 5 1 6.3

10 Rosewood Suites 25 1,259 Oct 30 814 July 24, 2012 834 25,000 2 0.4 6.3

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Fifth Avenue Condominium 10 1,615 Oct 30 2,000 April 25, 1996 1,247 1,216,000 60 2 22.5

2 Th e Morningside 9 1,270 Nov 2 1,874 Feb 1, 1996 1,008 1,100,000 86 3 22.8

3 Kellett Court 11 1,324 Nov 2 1,412 Sept 21, 2004 597 1,080,000 137 6 14.1

4 Butterworth 8 15 1,313 Oct 30 1,432 March 6, 2002 690 974,480 108 4 16.7

5 Th e Centris 22 1,442 Nov 2 1,130 Oct 25, 2006 543 846,420 108 6 12.0

6 Visioncrest 9 1,195 Nov 1 2,009 Jan 15, 2007 1,322 820,000 52 4 11.8

7 Th e Calrose 26 1,475 Oct 30 1,382 Aug 19, 2009 838 802,000 65 6 9.2

8 Leonie Hill Residences 9 1,141 Oct 31 2,191 April 26, 2007 1,500 788,500 46 3 11.5

9 Maple Woods 21 1,324 Nov 1 1,517 Oct 3, 2008 921 788,000 65 5 10.1

10 Bishan 8 20 1,163 Nov 1 1,239 April 7, 1999 620 718,940 100 4 19.6

A resale unit at Fifth Avenue Condominium made a 60% profit when it was sold on Oct 30

A seller of a unit at Suites @ Topaz sustained a loss of $226,938 after it was sold on Nov 2

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E

EDGEPROP | NOVEMBER 19, 2018 • EP11

EP12 • EDGEPROP | NOVEMBER 19, 2018

Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 MARINA ONE RESIDENCES Apartment 99 years October 31, 2018 2,250 5,555,000 - 2,469 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years November 1, 2018 1,152 3,301,000 - 2,866 2017 New SaleTHE CLIFT Apartment 99 years November 1, 2018 818 1,540,000 - 1,882 2011 ResaleDistrict 2 SPOTTISWOODE PARK Apartment 85 years October 30, 2018 1,313 1,010,000 - 769 Unknown ResaleWALLICH RESIDENCE ATTANJONG PAGAR CENTRE Apartment 99 years November 1, 2018 646 2,200,000 - 3,406 2017 New SaleWALLICH RESIDENCE ATTANJONG PAGAR CENTRE Apartment 99 years November 2, 2018 646 2,013,900 - 3,118 2017 New SaleDistrict 3 ARTRA Apartment 99 years November 3, 2018 1,227 2,151,300 - 1,753 Uncompleted New SaleASCENTIA SKY Condominium 99 years October 31, 2018 1,819 2,465,000 - 1,355 2013 ResaleMARGARET VILLE Apartment 99 years November 2, 2018 915 1,535,500 - 1,678 Uncompleted New SaleQUEENS Condominium 99 years October 30, 2018 915 1,206,000 - 1,318 2002 ResaleQUEENS Condominium 99 years October 31, 2018 1,184 1,500,000 - 1,267 2002 ResaleSTIRLING RESIDENCES Apartment 99 years October 30, 2018 764 1,352,000 - 1,769 Uncompleted New Sale

STIRLING RESIDENCES Apartment 99 years November 1, 2018 764 1,297,000 - 1,697 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 1, 2018 635 1,067,000 - 1,680 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 2, 2018 1,345 2,361,000 - 1,755 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 2, 2018 764 1,346,000 - 1,761 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 2, 2018 689 1,238,000 - 1,797 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 3, 2018 1,055 1,667,000 - 1,580 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 4, 2018 1,055 1,790,000 - 1,697 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 4, 2018 764 1,266,000 - 1,657 Uncompleted New SaleTHE CREST Condominium 99 years October 31, 2018 1,184 2,200,000 - 1,858 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years November 1, 2018 1,636 2,508,000 - 1,533 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years October 30, 2018 1,238 2,510,000 - 2,028 2016 ResaleDistrict 5 SEAHILL Terrace 99 years October 30, 2018 3,649 3,776,000 - 1,035 2016 ResaleTHE PARC CONDOMINIUM Condominium Freehold October 31, 2018 2,196 2,100,000 - 956 2010 ResaleTHE SORRENTO Condominium Freehold October 31, 2018 463 755,000 - 1,631 2015 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years November 1, 2018 1,313 1,410,000 - 1,074 2008 ResaleWHISTLER GRAND* Apartment 99 years November 2, 2018 614 874,400 - 1,425 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 2, 2018 1,281 1,598,400 - 1,248 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 2, 2018 764 1,010,400 - 1,322 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 2, 2018 764 1,078,400 - 1,411 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 2, 2018 1,281 1,603,200 - 1,252 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 2, 2018 441 608,000 - 1,378 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 2, 2018 441 610,400 - 1,383 Uncompleted New SaleDistrict 8 70@TRURO Apartment Freehold October 31, 2018 807 1,438,000 - 1,781 2018 New SaleVOGX Apartment Freehold October 30, 2018 1,550 1,850,000 - 1,194 2009 ResaleDistrict 9 LEONIE HILL RESIDENCES Apartment Freehold October 31, 2018 1,141 2,500,000 - 2,191 2005 ResaleLEONIE HILL RESIDENCES Apartment Freehold October 31, 2018 1,389 2,900,000 - 2,089 2005 ResaleMARTIN MODERN Condominium 99 years October 31, 2018 1,798 4,944,000 - 2,750 Uncompleted New SaleMARTIN MODERN Condominium 99 years November 3, 2018 764 2,016,000 - 2,638 Uncompleted New SaleTHE MORNINGSIDE Apartment Freehold November 2, 2018 1,270 2,380,000 - 1,874 1992 ResaleTWENTYONE ANGULLIA PARK Condominium Freehold October 31, 2018 3,154 10,000,000 - 3,171 2014 ResaleVISIONCREST Apartment Freehold November 1, 2018 1,195 2,400,000 - 2,009 2007 ResaleDistrict 10 3 CUSCADEN Apartment Freehold November 1, 2018 764 2,657,000 - 3,477 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 2, 2018 452 1,580,000 - 3,495 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 452 1,710,000 - 3,782 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 452 1,527,000 - 3,378 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 463 1,638,000 - 3,539 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 1,281 4,675,000 - 3,650 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 463 1,572,000 - 3,396 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 463 1,728,000 - 3,733 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 463 1,773,000 - 3,831 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 764 2,902,000 - 3,797 Uncompleted New Sale

DONE DEALS

Residential transactions with contracts dated Oct 30 to Nov 6

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

| BY BONG XIN YING |

At the launch weekend of

boutique luxury condo

3 Cuscaden on Nov 3

and 4, 15 units were sold

at an average price of

$3,577 psf, according to caveats

lodged over that period. The 96-

unit, freehold development is by

a Sustained Land-led consortium.

Fourteen of the 15 units sold

were one- and two-bedroom units.

The one-bedroom units sold ranged

from 452 to 462 sq ft and were

priced from $1.53 million to $1.77

million; two-bedroom units of 764

sq ft ranged from $2.6 million to

$2.9 million.

The sole three-bedroom unit

sold at the launch weekend was

a 1,281 sq ft unit that fetched

$4.68 million ($3,650 psf).

The response to the first week-

end of launch for 3 Cuscaden is

“very encouraging”, says Leong

Boon Hoe, chief operating officer

of List Sotheby’s International

Realty, Singapore. “The fact that

the pricing of 3 Cuscaden is high-

est among the new luxury pro-

jects launched — despite being

launched after cooling measures

were introduced — could be attrib-

uted to its relatively more prestig-

ious address.”

Over at Oxley Holdings’ Kent

Ridge Hill Residences on South

Buona Vista Road, 116 units out of

the 250 released were taken up dur-

ing its official launch on the week-

end of Nov 10 and 11. Units were

sold at an average of $1,700 psf.

Of the 116 units, 80% comprised

a mix of one-bedroom, one-bed-

room-plus-study and two-bedroom

units. The remaining 20% were

three-bedroom units, penthouses

and strata houses. According to Ox-

ley, 80% of the buyers were Sin-

gaporeans and the rest were per-

manent residents and foreigners.

In the same weekend, The

Woodleigh Residences sold 31

of the 50 released units, at an av-

erage price of more than $2,000

psf. The 667-unit The Woodleigh

Residences in District 13 is devel-

oped by Kajima-SPH, a joint ven-

ture between Japanese developer

Kajima Development and Singa-

pore Press Holdings.

The Woodleigh Residences sales

gallery will close from Nov 19, in

preparation for the official launch

in early 2019.

3 Cuscaden launched at average of $3,577 psf3 CUSCADEN OFFICIAL WEBSITE

PROPERTY AGENT

At least 116 out of 250 units released at Kent Ridge Hill Residences’ launch weekend were taken up 3 Cuscaden saw 15 units sold over the first weekend of launch

E

EDGEPROP | NOVEMBER 19, 2018 • EP13

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

3 CUSCADEN Apartment Freehold November 3, 2018 764 2,657,000 - 3,477 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 764 2,697,000 - 3,529 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 764 2,597,000 - 3,398 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 3, 2018 764 2,737,000 - 3,581 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 4, 2018 452 1,625,000 - 3,594 Uncompleted New SaleBAN GUAN PARK Semi-Detached Freehold November 4, 2018 3,305 5,350,000 - 1,622 1998 ResaleCORONATION SHOPPING PLAZA Apartment Freehold November 1, 2018 1,098 1,400,000 - 1,275 1979 ResaleDARBY PARK Apartment 99 years November 1, 2018 36,307 92,714,566 - 2,553 1995 ResaleD’LEEDON Condominium 99 years November 2, 2018 1,216 1,938,000 - 1,593 2014 ResaleFIFTH AVENUE CONDOMINIUM Condominium Freehold October 30, 2018 1,615 3,230,000 - 2,000 1998 ResaleLEEDON RESIDENCE Condominium Freehold November 5, 2018 1,044 2,550,000 - 2,442 2015 ResaleLUTHERAN TOWERS Apartment 103 years November 5, 2018 1,916 1,930,000 - 1,007 Unknown ResaleMARGOLIOUTH ROAD Detached Freehold November 2, 2018 6,017 11,000,000 - 1,828 Unknown ResalePARVIS Condominium Freehold October 30, 2018 1,701 3,250,000 - 1,911 2012 ResaleSTUDIO 3 Apartment Freehold October 30, 2018 883 1,600,000 - 1,813 2005 ResaleTHE LADYHILL Condominium Freehold October 31, 2018 3,283 6,300,000 - 1,919 2002 ResaleTHE MONTANA Apartment Freehold November 2, 2018 700 1,300,000 - 1,858 2002 ResaleDistrict 11 CUBE 8 Condominium Freehold November 1, 2018 560 918,000 - 1,640 2013 ResaleDUNEARN ESTATE Semi-Detached Freehold November 5, 2018 3,520 5,400,000 - 1,534 Unknown ResaleDYSON RITZ Semi-Detached Freehold October 31, 2018 2,153 5,000,000 - 2,323 2017 ResaleENG AUN PARK Terrace Freehold November 1, 2018 1,625 3,850,000 - 2,370 Unknown ResaleKELLETT COURT Condominium Freehold November 2, 2018 1,324 1,870,000 - 1,412 1997 ResaleNEWTON ONE Condominium Freehold October 30, 2018 1,216 2,500,000 - 2,055 2009 ResaleSOLEIL @ SINARAN Condominium 99 years November 2, 2018 1,453 2,800,000 - 1,927 2011 ResaleDistrict 12 GEM RESIDENCES Condominium 99 years October 31, 2018 1,313 1,989,000 - 1,515 Uncompleted New SaleGEM RESIDENCES Condominium 99 years October 31, 2018 1,313 1,924,560 - 1,466 Uncompleted New SaleGEM RESIDENCES Condominium 99 years October 31, 2018 1,249 2,067,120 - 1,656 Uncompleted New SaleKIM KEAT GARDENS Apartment 99 years October 31, 2018 1,324 1,180,000 - 891 2003 ResaleREGENT RESIDENCES Apartment Freehold November 1, 2018 689 970,000 - 1,408 2015 ResaleSUITES @ TOPAZ Apartment Freehold November 2, 2018 936 850,000 - 908 2012 ResaleTHE VERVE Apartment Freehold November 2, 2018 441 625,000 - 1,416 2012 ResaleVISTA RESIDENCES Condominium Freehold November 1, 2018 1,195 1,768,000 - 1,480 2013 ResaleDistrict 13 PARK COLONIAL Condominium 99 years October 31, 2018 1,367 2,299,000 - 1,682 Uncompleted New SalePARK COLONIAL Condominium 99 years November 1, 2018 635 1,103,000 - 1,737 Uncompleted New SalePARK COLONIAL Condominium 99 years November 1, 2018 463 863,000 - 1,865 Uncompleted New SalePARK COLONIAL Condominium 99 years November 3, 2018 1,152 1,680,000 - 1,459 Uncompleted New SalePARK COLONIAL Condominium 99 years November 4, 2018 1,195 1,705,000 - 1,427 Uncompleted New SalePARK COLONIAL Condominium 99 years November 4, 2018 818 1,350,000 - 1,650 Uncompleted New SalePARK COLONIAL Condominium 99 years November 4, 2018 603 1,098,000 - 1,822 Uncompleted New SalePARK COLONIAL Condominium 99 years November 4, 2018 603 1,066,000 - 1,768 Uncompleted New SalePARK COLONIAL Condominium 99 years November 4, 2018 463 837,000 - 1,808 Uncompleted New SalePARK COLONIAL Condominium 99 years November 4, 2018 667 1,232,000 - 1,846 Uncompleted New SaleTHE ACACIAS Apartment Freehold November 1, 2018 1,001 1,095,000 - 1,094 2009 ResaleTHE TRE VER Condominium 99 years October 30, 2018 614 943,000 - 1,537 Uncompleted New SaleTHE TRE VER Condominium 99 years November 3, 2018 635 1,038,000 - 1,634 Uncompleted New SaleTHE TRE VER Condominium 99 years November 4, 2018 484 738,000 - 1,524 Uncompleted New SaleTHE TRE VER Condominium 99 years November 4, 2018 614 953,000 - 1,553 Uncompleted New SaleTHE TRE VER Condominium 99 years November 4, 2018 495 783,000 - 1,581 Uncompleted New SaleTHE TRE VER Condominium 99 years November 4, 2018 700 1,131,000 - 1,616 Uncompleted New SaleDistrict 14 33 RESIDENCES Apartment Freehold November 1, 2018 700 1,126,000 - 1,609 Uncompleted New SaleARENA RESIDENCES* Apartment Freehold November 2, 2018 603 1,081,000 - 1,793 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 2, 2018 603 1,094,000 - 1,815 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 2, 2018 807 1,472,000 - 1,823 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 2, 2018 807 1,482,000 - 1,836 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 2, 2018 807 1,498,000 - 1,856 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 2, 2018 807 1,450,000 - 1,796 Uncompleted New SaleCHANGI ROAD Apartment Freehold November 1, 2018 2,142 1,700,000 - 794 1983 ResaleGUILLEMARD CRESCENT Terrace Freehold November 2, 2018 1,658 2,800,000 - 1,685 2009 ResalePARK 1 SUITES Apartment Freehold October 30, 2018 1,098 1,416,400 - 1,290 2017 New SaleSIMS URBAN OASIS Condominium 99 years October 30, 2018 1,733 2,510,000 - 1,448 2017 New SaleSIMS URBAN OASIS Condominium 99 years October 31, 2018 1,249 1,918,000 - 1,536 2017 New SaleSIMS URBAN OASIS Condominium 99 years October 31, 2018 2,034 2,848,000 - 1,400 2017 New SaleSIMS URBAN OASIS Condominium 99 years October 31, 2018 1,733 2,548,000 - 1,470 2017 New SaleSIMS URBAN OASIS Condominium 99 years November 1, 2018 1,733 2,528,000 - 1,459 2017 New SaleDistrict 15 BUTTERWORTH 8 Condominium Freehold October 30, 2018 1,313 1,880,000 - 1,432 2004 ResaleHOMEY GARDENS Apartment Freehold November 5, 2018 1,755 1,750,000 - 997 2001 ResaleMOUNTBATTEN ROAD Detached Freehold October 30, 2018 4,994 7,300,000 - 1,461 2008 ResaleSILVERSEA Condominium 99 years October 31, 2018 1,518 2,450,000 - 1,614 2014 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years October 31, 2018 1,173 1,180,000 - 1,006 1986 ResaleBEDOK RESIDENCES Apartment 99 years October 31, 2018 883 1,318,000 - 1,493 2015 ResaleBEDOKVILLE Semi-Detached Freehold November 5, 2018 3,466 3,600,000 - 1,038 Unknown ResaleCHANGI COURT Condominium Freehold November 1, 2018 926 953,000 - 1,029 1997 ResaleCHANGI GREEN Condominium Freehold November 2, 2018 1,001 1,000,000 - 999 1998 ResaleEASTWOOD ROAD Terrace 99 years November 5, 2018 3,240 2,438,000 - 752 1997 ResaleSUNBIRD PARK Terrace Freehold November 2, 2018 1,615 2,220,000 - 1,374 1992 ResaleDistrict 17 CASA AL MARE Apartment Freehold November 1, 2018 484 789,000 - 1,629 Uncompleted New SaleTHE GALE Condominium Freehold October 30, 2018 1,012 1,075,000 - 1,062 2013 ResaleTHE GALE Condominium Freehold October 31, 2018 1,464 1,403,888 - 959 2013 ResaleTHE JOVELL Condominium 99 years November 1, 2018 452 624,000 - 1,380 Uncompleted New SaleTHE JOVELL Condominium 99 years November 2, 2018 635 872,000 - 1,373 Uncompleted New SaleDistrict 18 DOUBLE BAY RESIDENCES Condominium 99 years November 1, 2018 1,313 1,380,000 - 1,051 2012 ResaleDOUBLE BAY RESIDENCES Condominium 99 years November 2, 2018 1,270 1,330,000 - 1,047 2012 ResaleOASIS @ ELIAS Condominium 99 years November 2, 2018 1,195 958,000 - 802 2011 ResaleSEA ESTA Condominium 99 years November 2, 2018 818 860,000 - 1,051 2015 ResaleTHE PALETTE Condominium 99 years November 5, 2018 1,163 1,170,000 - 1,006 2015 ResaleTHE TAPESTRY Condominium 99 years October 30, 2018 603 908,820 - 1,508 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 31, 2018 990 1,231,200 - 1,243 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 1, 2018 441 639,200 - 1,448 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 1, 2018 1,130 1,411,200 - 1,249 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 1, 2018 603 879,660 - 1,459 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 2, 2018 926 1,210,400 - 1,308 Uncompleted New SaleWATERVIEW Condominium 99 years November 1, 2018 1,572 1,420,000 - 904 2014 ResaleDistrict 19 3@PHILLIPS Apartment 999 years October 31, 2018 893 870,000 - 974 2007 ResaleA TREASURE TROVE Condominium 99 years October 30, 2018 775 818,000 - 1,055 2015 ResaleA TREASURE TROVE Condominium 99 years October 30, 2018 1,206 1,300,000 - 1,078 2015 ResaleAFFINITY AT SERANGOON* Apartment 99 years October 30, 2018 474 714,000 - 1,508 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 30, 2018 624 958,500 - 1,535 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 30, 2018 624 1,010,000 - 1,618 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 30, 2018 474 734,000 - 1,550 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 30, 2018 474 717,000 - 1,514 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 31, 2018 474 720,000 - 1,520 Uncompleted New SaleESPARINA RESIDENCES EC 99 years November 2, 2018 1,001 1,058,000 - 1,057 2013 ResaleFOREST WOODS Condominium 99 years November 4, 2018 1,238 1,924,000 - 1,554 Uncompleted New SaleGILLENIA Apartment 999 years November 2, 2018 1,475 1,380,000 - 936 2009 ResaleKINGSFORD WATERBAY Apartment 99 years November 5, 2018 883 1,150,000 - 1,303 Uncompleted Sub SalePARC CENTROS Condominium 99 years November 1, 2018 1,345 1,470,000 - 1,093 2016 ResalePRIVE EC 99 years October 30, 2018 775 788,000 - 1,017 2013 Resale

PRIVE EC 99 years October 30, 2018 1,130 1,203,000 - 1,064 2013 ResalePRIVE EC 99 years October 31, 2018 1,055 1,047,000 - 993 2013 ResalePRIVE EC 99 years November 1, 2018 1,055 1,110,000 - 1,052 2013 ResalePRIVE EC 99 years November 1, 2018 883 865,000 - 980 2013 ResaleREGENTVILLE Apartment 99 years October 31, 2018 980 760,000 - 776 1999 ResaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 904 925,200 - 1,023 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 904 912,900 - 1,010 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 1,163 1,120,700 - 964 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 1,216 1,160,000 - 954 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 1,184 1,170,700 - 989 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 1,076 1,053,000 - 978 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 958 1,007,600 - 1,052 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years October 30, 2018 958 1,007,600 - 1,052 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 31, 2018 603 807,000 - 1,339 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 1, 2018 603 782,000 - 1,297 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 1, 2018 614 781,000 - 1,273 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 2, 2018 721 910,000 - 1,262 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 2, 2018 463 590,000 - 1,275 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 3, 2018 463 685,000 - 1,480 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 3, 2018 721 913,000 - 1,266 Uncompleted New SaleRIVERSOUND RESIDENCE Condominium 99 years November 1, 2018 1,163 1,217,000 - 1,047 2015 ResaleSANCTUARY @ 813 Apartment Freehold October 30, 2018 936 1,000,000 - 1,068 2011 ResaleSERANGOON GARDEN ESTATE Terrace 999 years November 5, 2018 1,841 2,350,000 - 1,277 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years November 5, 2018 3,035 3,200,000 - 1,054 Unknown ResaleSUMMER PLACE Terrace Freehold November 1, 2018 1,647 2,300,000 - 1,401 1988 ResaleTHE MINTON Condominium 99 years November 1, 2018 936 980,000 - 1,046 2013 ResaleTHE WATERLINE Condominium Freehold November 1, 2018 517 690,000 - 1,335 2013 ResaleWATERTOWN Apartment 99 years October 30, 2018 915 1,180,000 - 1,290 2017 Sub SaleDistrict 20 BISHAN 8 Condominium 99 years November 1, 2018 1,163 1,440,000 - 1,239 2000 ResaleFABER GARDEN CONDOMINIUM Condominium Freehold November 5, 2018 1,679 2,200,000 - 1,310 1984 ResaleHORIZON GARDENS Terrace 99 years November 1, 2018 2,982 2,048,000 - 687 2002 ResaleJADESCAPE Condominium 99 years October 31, 2018 1,647 2,887,100 - 1,753 Uncompleted New SaleJADESCAPE Condominium 99 years November 2, 2018 764 1,372,000 - 1,795 Uncompleted New SaleJADESCAPE Condominium 99 years November 2, 2018 646 1,141,300 - 1,767 Uncompleted New SaleJADESCAPE Condominium 99 years November 2, 2018 764 1,277,200 - 1,671 Uncompleted New SaleJADESCAPE Condominium 99 years November 2, 2018 1,259 2,079,600 - 1,651 Uncompleted New SaleJADESCAPE Condominium 99 years November 4, 2018 764 1,349,300 - 1,766 Uncompleted New SaleJALAN LEMBAH THOMSON Terrace Freehold October 31, 2018 2,120 3,650,000 - 1,720 1995 ResaleSKY HABITAT Condominium 99 years October 31, 2018 2,734 4,300,000 - 1,573 2015 ResaleTHOMSON HILLS ESTATE Apartment Freehold November 5, 2018 1,636 1,300,000 - 795 1982 ResaleTHOMSON VIEW CONDOMINIUM Condominium 99 years November 2, 2018 3,843 2,100,000 - 546 1986 ResaleDistrict 21 DAINTREE RESIDENCE Condominium 99 years October 31, 2018 743 1,320,500 - 1,778 Uncompleted New SaleFLORIDIAN Condominium Freehold October 30, 2018 840 1,520,000 - 1,810 2012 ResaleHUME PARK I Condominium Freehold November 1, 2018 1,356 1,370,000 - 1,010 1995 ResaleMAPLE WOODS Condominium Freehold October 30, 2018 850 1,350,000 - 1,588 1997 ResaleMAPLE WOODS Condominium Freehold November 1, 2018 1,324 2,008,000 - 1,517 1997 ResaleMAYFAIR GARDENS Condominium 99 years October 31, 2018 592 1,178,000 - 1,990 Uncompleted New SaleTHE CASCADIA Condominium Freehold November 2, 2018 1,496 2,700,000 - 1,805 2010 ResaleTHE HILLFORD Apartment 60 years November 1, 2018 657 745,000 - 1,135 2016 ResaleDistrict 22 SUMMERDALE EC 99 years October 31, 2018 1,216 880,000 - 723 2000 ResaleTHE CENTRIS Apartment 99 years November 1, 2018 1,324 1,500,000 - 1,133 2009 ResaleTHE CENTRIS Apartment 99 years November 2, 2018 1,442 1,630,000 - 1,130 2009 ResaleYUNNAN GARDENS Terrace Freehold November 5, 2018 2,551 2,360,000 - 925 1994 ResaleDistrict 23 CASHEW GREEN Terrace 999 years November 3, 2018 1,916 3,920,490 - 2,046 Uncompleted New SaleCASHEW GREEN Terrace 999 years November 3, 2018 1,916 4,003,910 3,873,910 2,022 Uncompleted New SaleGUILIN VIEW Condominium 99 years October 30, 2018 861 790,000 - 917 1999 ResaleLE QUEST Apartment 99 years October 30, 2018 710 1,060,000 - 1,492 Uncompleted New SaleLE QUEST Apartment 99 years November 2, 2018 980 1,399,000 - 1,428 Uncompleted New SaleMI CASA Condominium 99 years October 31, 2018 1,259 1,110,000 - 881 2012 ResaleTHE MADEIRA Condominium 99 years November 2, 2018 936 905,000 - 966 2003 ResaleYEW MEI GREEN EC 99 years October 31, 2018 1,292 895,000 - 693 2000 ResaleDistrict 25 LA CASA EC 99 years October 30, 2018 1,173 865,000 - 737 2008 ResaleNORTHOAKS EC 99 years October 31, 2018 1,475 995,000 - 675 2000 ResalePARC ROSEWOOD Condominium 99 years November 2, 2018 431 518,000 - 1,203 2014 ResaleROSEWOOD SUITES Condominium 99 years October 30, 2018 1,259 1,025,000 - 814 2011 ResaleROSEWOOD SUITES Condominium 99 years November 2, 2018 1,518 1,270,000 - 837 2011 ResaleDistrict 26 CASTLE GREEN Condominium 99 years October 30, 2018 1,152 950,000 - 825 1997 ResaleSPRINGLEAF GARDEN Semi-Detached Freehold October 31, 2018 4,090 3,700,000 - 905 1984 ResaleTHE CALROSE Condominium Freehold October 30, 2018 1,475 2,038,000 - 1,382 2007 ResaleDistrict 27 ORCHID PARK CONDOMINIUM Condominium 99 years October 30, 2018 872 710,000 - 814 1994 ResaleDistrict 28 BELGRAVIA GREEN Terrace Freehold November 3, 2018 3,132 2,674,620 - 854 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,466 3,061,630 - 883 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,187,390 - 876 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,531 3,035,230 - 860 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,132 2,674,620 - 854 Uncompleted New SaleBELGRAVIA GREEN Semi-Detached Freehold November 3, 2018 4,004 3,731,840 - 932 Uncompleted New SaleBELGRAVIA GREEN Semi-Detached Freehold November 3, 2018 4,004 3,780,840 - 944 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,098,492 - 852 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,466 3,042,430 - 878 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,055,724 - 840 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,294 2,803,000 - 851 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,294 2,783,400 - 845 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,595 3,041,950 - 846 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,595 3,061,150 - 851 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,086,590 - 848 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,129,790 - 860 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,595 3,097,066 - 861 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,124,990 - 859 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,466 2,994,430 - 864 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,134,590 - 862 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,115,390 - 856 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,100,990 - 852 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,120,190 - 858 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,148,990 - 866 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,466 3,042,430 - 878 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 3, 2018 3,638 3,146,000 - 865 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold November 4, 2018 3,455 3,061,150 - 886 Uncompleted New SalePARC BOTANNIA Condominium 99 years November 1, 2018 506 690,000 - 1,364 Uncompleted New SalePARC BOTANNIA Condominium 99 years November 1, 2018 506 702,900 - 1,389 Uncompleted New SalePARC BOTANNIA Condominium 99 years November 1, 2018 980 1,234,810 - 1,261 Uncompleted New SalePARC BOTANNIA Condominium 99 years November 2, 2018 969 1,270,000 - 1,311 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached Freehold November 1, 2018 3,574 3,200,000 - 895 1992 ResaleSTRATTON GREEN Terrace Freehold October 31, 2018 1,905 2,638,000 - 1,385 2003 Resale

DONE DEALS

Residential transactions with contracts dated Oct 30 to Nov 6

DISCLAIMER:

Source: URA Realis. Updated Nov 13, 2018. The Edge Publishing Pte Ltd shall not be responsible for any loss or

liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

EC stands for executive condominium

*Not all caveats are shown due to overwhelming number of transactions

PERSONALITY

EP14 • EDGEPROP | NOVEMBER 19, 2018

The ‘Wan way’ to succeed in real estate

After he joined PropNex Realty in Oc-

tober last year, Aaron Wan quickly

grew his team to 70 real estate agents.

On Nov 14 this year, the group di-

vision director snagged two titles at

PropNex’s third Quarterly Convention 2018. He

clinched first place as Top Associate Group Di-

vision Director, after his team achieved more

than $1 million in sales commission in August

and September; and second place as Top Indi-

vidual Producer, recognising Wan’s own con-

tribution of more than $400,000 in sales com-

mission from July to September.

Wan, 31, believes that to achieve robust

sales, one must adopt a personal approach in

picking suitable properties for clients. He typi-

cally meets his clients first to understand their

requirements before recommending properties

tailored to their taste.

“When you serve buyers, it’s very challeng-

ing because you have only the weekends,”

he says. “Each day, you probably can serve

only two buyers”, as most buyers prefer to

view properties later in the morning. And the

nights are a no-go for viewing, as there is no

natural light.

Wan attributes his team’s sales achieve-

ments to the “healthy culture” at PropNex.

With more than 7,600 sales agents, it is the

largest real estate agency in Singapore. One

factor that has contributed to the strong cul-

ture is the firm’s “no internal crossing” policy,

he says. This regulation prevents a team lead-

er from poaching top-performing agents from

another team to achieve his team’s sales tar-

get. Property agents from one team are banned

from joining another unless they leave the com-

pany and come back after a year.

Serving a wide range of buyersWan serves buyers from a wide range of back-

grounds, and 60% to 70% of his clientele are

locals. He works with two large groups: bank-

ers and migration consultants. The latter bring

in China nationals to work in Singapore, and

some of them invest in properties in the hope

of becoming a permanent resident in the coun-

try, Wan explains. “Chinese people, they like

to buy, not to rent.”

Wan attributes the majority of his leads to

referrals, and describes himself as a “very ag-

gressive referral hunter”. Local and foreign cli-

ents with whom he has worked before would

recommend their friends to him. Wan also ap-

proaches people whom he crosses path with,

such as vendors, contractors, lawyers and

bankers, and asks them whether they know

of people who want to buy property. “If you

refer me, we could work out something,” he

would tell them. It is totally legal to give a re-

ferral fee in such instances, he explains.

He also believes that sincerity is key when

serving buyers. “The same customer can be

spoken to by three different agents, yet he

chooses only one to deal with,” Wan says. “It

boils down to our character, [tone of voice,]

mannerism, figures of speech, how I sit when

I speak to you.”

Growth as a leader Before Wan made the move to PropNex in

2017, he was determined to learn the skills

of managing people. “I wanted to step up to

the next level, because in real estate sales,

we believe that one day, sales figures will go

down,” he says. Even if he is no longer an

agent one day, these skills can still be applied

elsewhere, he adds.

Wan faces challenges in managing agents,

such as when he has to lead a group of agents

who are largely older than he. But he is thank-

ful that he is able to exercise leadership be-

cause the agents “see me as someone who

is very far-sighted”, he says. “They trust me

because I am able to point out things they

don’t see.” Wan used to doubt himself when

he started out, but he reminds himself con-

stantly to “always do what I think is right for

[my agents]”.

In turn, he looks for two traits in them: They

need to be passionate about the job and good

at time management. Real estate agents have

to deal with many clients, Wan says, and they

should be able to prioritise and give a definite

timeline for each case, lest they lose out on

more lucrative deals.

For property agents who are starting out,

Wan believes two things are key — a portal to

advertise property listings; and a research tool

to analyse property trends. Agents should also

have a six-month cushion to cover living costs.

The industry is for hard workers, and requires

agents to sell properties through roadshows,

telemarketing and approaching potential cus-

tomers by going door to door. “You must in-

vest a lot of time to be on the ground meeting

people,” he says. This was how Wan himself

started out.

A different backgroundWan reckons that some of his strengths and

experiences have helped him in his career in

real estate. For instance, he came from an ac-

counting and financial background, which en-

ables him to give sound financial advice to his

clients. He worked at PricewaterhouseCoopers

in Singapore as a tax consultant for three

years and, prior to that, as a banker at Credit

Suisse. Before joining PropNex, he was with

ERA Singapore.

Wan describes himself as an “opportunist”,

a trait that helps him scout for good proper-

ty deals. In his younger days, he used to dab-

ble in a variety of activities, including buying

Fred Perry apparel overseas and reselling it in

Singapore at a higher price. Those days, the

apparel brand had no official store in Singa-

pore. As a teenager, he had also made a low

five-figure sum within a month, dealing with

virtual currencies.

As proof that he is a savvy investor, Wan

points out that his own properties have ap-

preciated in value by about $500,000 each

since he bought them. For his matrimonial

home, he purchased a two-bedroom unit in

District 9, at Watermark @ Robertson Quay

for $1.5 million, and it is now worth $2 mil-

lion. Last year, he bought another property

— a three-bedroom unit at The Sea View on

Amber Road in District 15 — for $2.3 mil-

lion. The asset is now priced at more than

$2.8 million, Wan shares.

He says he has learnt much from his direct

boss, Ken Ng, who is senior group district direc-

tor. He often puts himself in Ng’s shoes when

a tricky situation arises. “Would he have an-

swered [clients] the way I answered?” he says.

Looking ahead, Wan wants to focus on nur-

turing leaders in his team. “For Aaron Wan to

repeat this success again, to [lead] another 60

people is not difficult — because I’ve done it,”

he says. “However, if I were to pick out five or

six people to individually lead 10 or 20 agents

each, that would be more amazing.”

PropNex real estate agents from Ken Ng Division, under Wan’s direct boss, at their mid-year retreat at Owl Bar in September

AARON WAN

Wan’s team achieved over $1 million in two-month sales commission, bagging him the title of Top Asso ciate Group Division Director at PropNex’s quarterly awards E

COVER STORY

EDGEPROP | NOVEMBER 19, 2018 • EP15

a serviced apartment by an operator can be

priced at more than RM700 a night.

On weekdays, however, hotel occupancy rates

in Puteri Harbour are a little more challenging.

“The hotels and serviced apartments in Put-

eri Harbour also face competition from condo-

minium owners who put their homes up for

short-term stays on Airbnb and other similar

platforms,” says Chee Hok Yean, regional pres-

ident of HVS Asia Pacific. “For long-term stays,

there’s competition from houses near the area.”

‘Reasonable returns’GRR schemes are offered to attract investors

from Singapore and other countries to help in-

crease the take-up rate in these projects. “Few

projects offering GRR have been very success-

ful, though,” says ET&Co’s Ong (see table).

“Generally, the schemes are applicable for

investment properties for recurring income such

as hotel or resort properties, serviced apart-

ments, SOHO and student accommodation.

“Cautious steps have to be taken by buyers,

especially in the signing of the agreements. The

sale and purchase agreement is covered by the

Housing Development (Control & Licensing)

Act, but the GRR schemes are not governed

by the Act. There are some cases where buy-

ers sued the developers for not giving their

promised rental return.”

Peter Lim, an investor of Somerset Puteri Har-

bour, is well aware that such leaseback schemes

have lower rental returns after the GRR period.

“But I am only expecting reasonable returns,

for instance, 2.5% to 3% after the initial two-

year GRR period,” he says. “This is less than

the 4.7% mortgage interest I’m currently ser-

vicing.” He estimates his returns to be 0.5%,

a far cry from the 5% during the GRR period.

Other investors are also frustrated by the re-

turns. As such, they have grouped together to

engage law firm Shearn Delamore & Co in Ma-

laysia to issue a letter of demand to Clear Dy-

namic on Oct 8. According to the letter of de-

mand, “the rental returns after the guarantee

period were unreasonably and inconceivably

negligible”. The owners wanted Clear Dynam-

ic to get Ascott to “promote and market the

serviced residences and deliver reasonable re-

turns”. They have also requested for a net re-

turn of at least 2.8% a year on their investment,

stipulating that it be made within three months.

Clear Dynamic, through its lawyer Soh Hayati

& Co, replied on Nov 1 that they “strongly deny”

the allegations made. They also point out that

the investors had agreed to accept the condi-

tions of the S&P agreement and those spelt

out in the leaseback agreement “on a willing

buyer, willing seller basis”. Through its law-

yer, Clear Dynamic also added that the mini-

mum net return of 2.8% “is without any jus-

tification”, and that it is not obliged to deliver

those returns within the stipulated timeframe.

The investors’ lawyer responded on Nov

12 with another letter, in which it stated that,

given the returns, Clear Dynamic was “expect-

ed to review the management agreement and

take necessary steps to remedy the situation,

and explore the possibility of a replacement

service provider if necessary”.

Beyond a brandMany of the investors at Somerset Puteri Har-

bour say a major factor in their decision to

purchase was the brand.

“While Somerset is a trusted and estab-

lished brand, investors need to look at factors

beyond that,” says ET&Co’s Ong. “These are

some of the risks that investors have to consid-

er; there’s no guarantee of profits and returns.”

When buying overseas, one has to consid-

er currency risks as well, adds Ong. “If you

buy in a foreign country, you will be treated

differently. When investing, you have to think

of the exit strategy.”

UMLand’s Ng believes things are starting

to look more positive in Iskandar Malaysia. A

new attraction, Sea Life Aquarium, will open

at Legoland Malaysia in Medini, which should

boost tourism, he adds. Although there was a

lull after the shooting of two seasons of Marco

Polo, the Netflix television series, more movies

and television series will be shot at Pinewood

Iskandar Malaysia Studios in the coming year.

“This will be positive for hotel rooms in the

Puteri Harbour area, but the returns will be

visible only further down the road.”

Competition from condos offered for short-term staysFROM PAGE 9

E

PROJECT DEVELOPER OVERALL PROFILE ANNUAL GRR TAKE-UP OF BUYERS RATE (%)

Shama Medini & UMLand NA NA 6% for fi ve yearsCitadines Medini (Shama Medini) 5% for two to three years (Citadines Medini*)

Meridin Hotel Suites Mah Sing NA NA 5% for three years

Puteri Cove Pacifi c Star 70 40% local 12% for two yearsResidences Group 40% Singaporeans 20% other countries

Th e WaterEdge Walker Corp 70 75% local 13% for two yearsApartments, 20% Singaporeans Senibong Cove 5% o ther countries

*To be fi nalised

Projects that offer sale and leaseback schemes

ET&CO RESEARCH

UNDER THE HAMMER

EP16 • EDGEPROP | NOVEMBER 19, 2018

Mortgagee sale at Reflectionsat Keppel Bay for $4.3 mil| BY BONG XIN YING |

A 2,110 sq ft unit at Reflections at

Keppel Bay will be put up for its

first auction by Edmund Tie &

Co. The auction will take place

on Nov 21, at an opening price of

$4.3 million ($2,038 psf). This is also the

first mortgagee sale at the development for

ET&Co, according to Joy Tan, its head of

auction and sales.

Reflections at Keppel Bay, a 99-year lease-

hold development by Keppel Land, the prop-

erty arm of Keppel Corp, was completed in

2011. It is located on Keppel Bay View, off

Telok Blangah Road, in District 4. Designed

by acclaimed Polish-American architect Dan-

iel Libeskind, the 1,129-unit development in-

cludes six glass towers of between 24 and

41 storeys. There are also 11 villa apartment

blocks that are six to eight floors high. The

development won the Gold award at the FIA-

BCI Prix d’Excellence Awards in 2013.

The four-bedroom unit on the 35th floor

will be sold with vacant possession on an “as

is where is” basis. It was first purchased from

the developer in June 2010 for $6.07 million

($2,876 psf).

The unit’s master and junior master bed-

rooms come with en suite bathrooms. It has

a closed-concept kitchen and utility room as

well. The highlight, however, is the view. This

corner unit offers 180-degree, unblocked views

of the marina and the sea, as well as of green-

ery at Mount Faber Park. Tan describes the

unit as “bright and spacious”, with a “large

living and dining space”.

There have been 53 resale transactions at

Reflections at Keppel Bay this year. Accord-

Recent transactions at Refl ections at Keppel BayCONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)

Oct 5, 2018 1,076 1,699,800 1,579

Sept 28, 2018 2,508 3,755,000 1,497

Sept 13, 2018 1,259 1,768,888 1,405

Sept 7, 2018 904 1,418,000 1,568

Aug 31, 2018 1,991 3,600,000 1,808

Recent rental contracts for2,100 to 2,200 sq ft units at Refl ections at Keppel BayLEASE DATE MONTHLY RENT ($)

September 2018 9,000

June 2018 10,000

May 2018 8,300

TABLES: URA, EDGEPROP

ET&COTHE EDGE SINGAPORE

ing to caveats lodged, the most recent trans-

action was in October, when a 1,076 sq ft,

two-bedroom unit on the sixth floor changed

hands for $1.7 million ($1,579 psf).

On the unit that will be auctioned, Tan notes:

“It’s rather popular, and we have received a

number of indications of interest from inves-

tors.” The investors will be attending the auc-

tion, she adds.

The 99-year leasehold Reflections at Keppel Bay was completed in 2011

The corner unit to be auctioned offers 180-degree, unblocked views of the marina and the sea

E